Tech Industry

Short Take: Class action filed against Sybase

A class action has been filed on behalf of purchasers of Sybase common stock between April 18, 1997, and January 21. The complaint alleges that Sybase falsely claimed it had made a successful turnaround. On January 21 the database maker revealed that its success had been obtained via accounting fraud, and said it consequently would report a substantial loss and restate its financial results. The revelation caused Sybase stock to fall more than 65 percent from its class-period high.

A class action has been filed on behalf of purchasers of Sybase common stock between April 18, 1997, and January 21. The complaint alleges that Sybase falsely claimed it had made a successful turnaround. On January 21 the database maker revealed that its success had been obtained via accounting fraud, and said it consequently would report a substantial loss and restate its financial results. The revelation caused Sybase stock to fall more than 65 percent from its class-period high.